BSE Sensex gives up early gains, up 32 pts in choppy trade
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In a volatile trade, the benchmark BSE Sensex today recovered part of its overnight losses and was trading higher by 32 points at 27,238.01 in late morning deals following a slowdown in selling by foreign funds amid short-covering.
The BSE 30-share barometer resumed better and immediately touched a high of 27,379.57, up 173.48 points, or 0.64 per cent.
However, it met with strong resistance and fell to a low of 27,159.76, before recovering 31.95 points, or 0.12 pct, to quote at 27,238.01 at 1045 hours.
Yesterday, it ended lower by 45.04 points, or 0.17 per cent.
Similarly, the broader 50-issue CNX Nifty gyrated in a range of 8,279.20 and 8,212.20 before trading at 8,241.90 at 1045 hours, a rise of 17.70 points, or 0.22 per cent.
On the global front, Asian markets were trading mixed with a downward bias despite a strong closing on the Wall Street yesterday as investors lapped up further weakness in the dollar and calmer bond markets. Key indices from Hong Kong and Japan were up while those from China, Singapore, South Korea and Taiwan were trading lower.
The Dow Jones Industrial Average rose 1.06 per cent and the tech-heavy Nasdaq Composite Index was up 1.39 per cent yesterday. The S&P 500 index logged its new closing peak.
Back home, shares from consumer durables, auto, FMCG, power, banking, IT and tech attracted good buying support while shares from metal segment suffered a setback on profit-booking.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 73.75 crore yesterday, according to provisional data.
Mid-cap and small-cap shares continued to catch retail investors’ attention as their indices outperformed the Sensex.
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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